Tim suffered greatly this year in january a freak storm, Financial Accounting

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Tim suffered greatly this year in january a freak storm

Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim originally paid $27,350 for the boat, but he was able to repair the damage for $6,800. Tim paid $17,850 for the motorcycle, but it was worth $19,950 before it was stolen. Insurance reimbursed $1,260 for the boat repairs and the cycle was uninsured.

Calculate Tim's deductible casualty loss if his AGI is $47,000

Deductible Casualty Loss:

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Financial Accounting: Tim suffered greatly this year in january a freak storm

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